NVP channels $15m into Manthan Systems

Manthan, which was founded by current CEO Atul Jalan, provides services to the retail and consumer packaged goods industries. Its clients include McDonald's, Crocs, Ecco, Love's, Ashley Stewart, Teavana, Robinsons, Ripley, Woolworth, SM Retail, Mydin, Abenson, Haggen and GAME Group.

According to Executive Director Mohan Kumar, who joins the company's board, backing Manthan reinforces NVP India's belief in the next generation business analytics sector. "Manthan Systems has done an incredible job of building products that produce significant results for its clients," he said. "The company has focused on retail and CPG customers, resulting in impressive growth and increased market share."

Manthan intends to use this new capital to launch several new products and make bolt-acquisitions of companies which share its philosophy of innovation. The firm also plans to introduce its products to adjacent markets and fully utilize the potential of cloud computing and Software as a Service technologies. All products will be mobility-enabled for use with devices such as the iPad.

The Bangalore-based company previously received support from Fidelity and IDG Ventures.

NVP India's involvement in this Series C round comes after the firm announced last October that it has expanded its investment strategy to include seed and late-stage transactions, having previously focused on venture and growth deals. The shift in strategy was partly motivated by the increasing difficulties for GPs to access Series A or Series B deals in India due to high valuations.

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• Topics
• South Asia
• Expansion
• Support services
• India
• Norwest Venture Partners
• Growth capital
• TMT